Sintex Industries, a leading player in the Indian plastic and textile segments, has announced the acquisition of Simonin of France through its wholly-owned subsidiary, Sintex NP SAS, France.
The all cash deal for €18 million (around Rs. 145 crore) was to acquire the entire equity of Simonin, a statement from Sintex said.
Sintex makes a range of building materials and composites at its 15 plants across India and through strategic acquisitions, has a presence in USA and Europe as well.
Simonin group employs 500 people spread over its sites of Beure, Saone and Saint-Vit in France and Miniac-Morvan and Mohammedia in Morocco.
Sintex said its custom moulding business will get a boost with Simonin’s product basket of metal parts and enable it to meet the growing demand of Fortune 500 OEMs.
“The acquisition is a strategic move towards consolidating our positioning in the European continent,” Amit Patel, MD, Sintex Industries, said in a statement. “I strongly believe the acquisition entails horizontal integration for our business to emerge as a formidable player in global product portfolio, he added.